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During the tax year, a new partner (Julie Brown) experiences the following: contributes property with a tax basis of $80,000 and a fair market value
During the tax year, a new partner (Julie Brown) experiences the following:
contributes property with a tax basis of $80,000 and a fair market value of $100,000;
has income of $8,000 allocated to her from the partnership;
has $10,000 of partnership liabilities allocated to her from the partnership;
takes a cash withdrawal of $5,000 from the partnership.
What is the ending value of Julie Brown's outside basis?
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